Enforcement Directorate moves to attach FTIL’s Rs 306.70 cr mutual fund assets

jignesh-shah63 moons technologies ltd, formerly known as Financial Technologies said it received a provisional attachment order from the Directorate of Enforcement, Mumbai, attaching mutual funds amounting to Rs 306.70 crores.

The company is taking appropriate steps in consultation with the legal counsel of the company in this matter, it said.

The move comes a day after the Central Bureau of Investigation (CBI) arrested Financial Technologies India Ltd’s founder Jignesh Shah in a case relating to the grant of recognition for MCX Stock Exchange (MCX-SX) in 2008.

Financial Technologies Group, founded by Jignesh Shah in 1988, offers technology IP to create and trade on financial markets, across asset classes including equities, commodities, currencies and bonds among others.

FTIL was held not ‘fit and proper’ by the forward market commission and its role in its 99.999% subsidiary NSEL (National Spot Exchange Ltd) was questioned.